Solana suffered a critical exploit that has punched holes in private wallets all across the network. The identified drainer’s wallets, seemingly a total of four, were reported to have stolen millions of dollars worth of SOL cryptocurrency from individual (hot) accounts.

The Solano blockchain exploit was first reported by multiple people in the early hours of August 2nd, and has been monitored by the hour as more and more wallets are being drained.

 The latest reports as of the time of this article’s writing stated that at least more than $5+ million worth of SOL cryptocurrency  was stolen in less than 10 minutes, with the situation worsening over time

The wallets that were compromised were primarily accounts from the likes of Phantom and MagicEden (other Solana-supported wallets yet to be confirmed), and it has been speculated that a system vulnerability within these transaction platforms was used to execute the hack. 

Some people even pressed the claim further that Phantom wallets were to blame. However, the company quickly made an official statement denying all of this, reiterating that “the team does not believe this is a Phantom-specific issue”.

There is one rather peculiar theory that the attack was possibly caused by a widespread private key compromise. This is according to crypto developer “foobar”, who has been commenting on the Solano blockchain exploit on Twitter and advising people on mitigation procedures. 

MistTrack, SlowMist’s crypto tracker has identified at least four wallet addresses from which the stolen assets were sent, and they’re now posted on the tracker’s official Twitter page as well (SlowMist made additional corrections on exploit estimates).

Several hours after the initial report of the hack, Solana Labs finally responded with a general message stating that the exploit was not due to an inherent hardware fault.

Solana Labs response to the Solano blockchain exploit 

image with a hooded  person and no face with the writing cryptocurrency hack in a an attempt to capture yhe the Solano blockchain exploit 

A Solana Labs update said that there is “no evidence” that the network is to blame. This doesn’t really clear up things, however, as it remains unknown as to how the attack was conducted in the first place.

At the very least, Solana Labs has confirmed that approximately 5,000 or so wallets have been affected by the hack since it started.

While affected parties from multiple ecosystems connected to Solana are currently working on uncovering the cause of the breach, the fact that the details of the incident remain largely unknown means that there is no immediate solution in sight. 

Users were promptly advised to unlink their wallets (in any forced way possible) and move their assets to cold ledgers as soon as they (still) could. 

However, as these kinds of exploits typically develop very rapidly, it is yet unknown if users were largely able to respond accordingly. 

If you have an SOL wallet, the next reasonable thing to do after unplugging and going cold, is to immediately transfer your assets to a reliable central exchange platform.